Air Busan Achieves 105% Subscription Rate from Existing Shareholders... Successful Rights Offering

[Asia Economy Reporter Dongwoo Lee] Air Busan announced on the 24th that it will end the subscription early without a separate public offering process after recording a subscription rate of 105.4% in the subscription offering for existing shareholders held on the 17th and 23rd.

As a result of the subscription, 117.93 million shares were subscribed, exceeding the planned issuance of 111.85 million shares. The issue price per share was 2,030 KRW, and through this paid-in capital increase, Air Busan raised approximately 227.1 billion KRW.

Air Busan analyzed that the success of this paid-in capital increase was mainly due to the participation of the largest shareholder Asiana Airlines and Busan City, as well as the positive response from the local community. It is also considered to reflect expectations for the recovery of the air travel market following the 'With Corona' policy.

Byungseok Ahn, CEO of Air Busan, said, "We thank all shareholders who trusted Air Busan and participated in this paid-in capital increase, as well as the local residents who supported us," adding, "Through this capital expansion, we will overcome the current crisis and achieve a rapid recovery."